Oil pares losses amid tension around Strait of Hormuz

Oil prices pared losses amid developments around the Strait of Hormuz, trading data showed.

Brent crude futures for June delivery were down 14.44% at $93.49 a barrel as of 1430 GMT, while U.S. West Texas Intermediate (WTI) futures for May fell 16.58% to $94.22.

Losses later eased, with Brent trading at $96.44 a barrel, down 11.74%, and WTI at $96.36, down 11.81%.

The price moves come amid uncertainty surrounding the Strait of Hormuz, a key artery for global oil supplies.

N.Tebrizli